BitMEX Co-Founder Arthur Hayes Anticipates Bitcoin (BTC) Price Drop

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In a surprising shift of sentiment, Arthur Hayes, co-founder of the renowned cryptocurrency exchange BitMEX, recently made a bearish prediction for Bitcoin (BTC), stating that he believes the cryptocurrency will break the $40,000 mark.

Bitcoin bearishness was expressed in a post by billionaire Arthur Hayes, co-founder of BitMEX, on January 22. This is contrary to his earlier opinion in December when he predicted that the token would resume its bullish run once more.

Arthur Hayes’ Bearish Bitcoin Prediction

This forecast marks a notable departure from Hayes’s previous long-term bearish predictions for Ethereum (ETH) and Solana (SOL), where he foresaw prices dropping to $5,000 and $200, respectively.

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Hayes attributed this change in outlook to various factors, including the perceived heaviness of Bitcoin and the upcoming U.S. Treasury quarterly refunding announcement, scheduled for January 31.

The Influence of U.S. Treasury Events and Janet Yellen’s Remarks

In his assessment of Bitcoin’s price trajectory, Arthur Hayes, a billionaire and influential figure in the crypto space, emphasized the potential impact of external events, particularly the upcoming U.S. Treasury quarterly refunding announcement.

He expressed concerns about BTC appearing “mad heavy” and disclosed that he had taken a long position in March’s $35,000 strike puts.

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Hayes suggested that the crypto market could experience continued downward pressure until the conclusion of the U.S. Treasury quarterly refunding announcement.

Furthermore, Hayes drew attention to the role of U.S. Secretary of the Treasury Janet Yellen in influencing Bitcoin’s price. He highlighted the possibility that Yellen’s bearish comments could drive the price further down.

However, the crypto community remains on the lookout for any signs of a potential shift in market momentum, as the effects of Yellen’s statements and the U.S. Treasury events unfold.

S&P 500 and Bitcoin Correlation

In a separate post on the same day, Arthur Hayes brought to light the correlation between the S&P 500 (SPX) and Bitcoin, noting that both “stopped moving up together post US BTC ETF.”

He pointed out liquidity challenges in the markets and indicated that traders are eagerly awaiting key macro announcements that could impact both traditional and crypto markets. The observed linkage between the S&P 500 and Bitcoin suggests a complex interplay of factors influencing market sentiment, with implications for traders navigating these interconnected markets.

Following Hayes’s bearish statements, Bitcoin experienced a decline, momentarily dropping to $40,027. Subsequently, the price has exhibited a slight recovery to $40,822, accompanied by a notable 72% increase in the 24-hour trading volume.

This surge in trading activity indicates heightened interest among traders, responding dynamically to the bearish predictions and closely monitoring the evolving narrative surrounding Bitcoin’s price trajectory.

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